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What Credit Crunch?

Smart grid player GridPoint snaps up $120 million in financing.

September 23, 2008

The severe credit crisis rippling
through the markets didn’t stop GridPoint–an
Arlington, VA, startup that makes software for smart management of the
power grid–from securing $120 million in equity financing, announced
yesterday. “Really high quality deals will continue to get funded, despite the
current turmoil,” Peter Corsell, the company’s president and CEO (and a member
of this year’s TR35),
told me at a smart-grid conference in Washington,
D.C. He said the money will be used to acquire
other startups, starting with V2Green, a company that makes smart-grid software
for recharging plug-in hybrids and other electric vehicles. GridPoint is a key player in an effort to
upgrade the power grid in Boulder, CO, working with utilities including Duke
Energy and Xcel Energy. GridPoint’s software provides utilities and consumers a
Web-based portal to manage and control electrical demand; it can do things like
shut off electric water heaters and pool pumps temporarily in times of high
demand. To date, GridPoint has raised more than $220 million.

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I’m MIT Technology Review’s senior writer, interested in a wide range of topics including climate change, energy, and information and communication technologies. Recent projects have included traveling to China to write about GMO crop… More development there, and Germany to explore how they’ll try to ramp up renewable power while closing down nuclear plants. My 2008 feature on the Obama campaign’s social-networking operation was selected for The Best Technology Writing 2009.

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